Wwyd - selling vehicle

katiewhompus · August 2012

Help me out here.

We are selling H's motorcycle to (hopefully) a private buyer (listing on CL and in the paper). However, we still owe on the vehicle. We are going to borrow money from his sister to pay it off in full, so that he owes the vehicle and has the title to sell it.

Here is where we diverge in thoughts. My thought is to get the money asap, on the understanding that we pay sil the monthly payment until we have a buyer. That way we have the title and when a potential buyer comes through we can speed through the transfer.

H is wanting to wait until he has a solid buyer to borrow the money, assuming that the title transfer will be done in 7 days, and the buyer will be ok just waiting until it's done.

Thoughts? Any other options I don't know about?

katiewhompus · August 2012

Do you get a title fairly quickly when you pay off a vehicle? I guess I envision this taking months and all the buyers just fizzing out because they want a bike now.

cheeseandrice · August 2012

As a buyer, I would probably walk away if I knew I had to wait and you still owed money, making the transaction dependent on the bank, etc.

Matty143 · August 2012

IIRC, when I paid off my car I received the pink slip from the dealer in a short amount of time.
While I agree with Duds that owing a bank is better than a family member, I also would want to sell it ASAP and deal with the financial stuff after.

katiewhompus · August 2012

Dangit. You guys and your differing opinions...

NcsuPsych · August 2012

I agree, in that I don't like owing money and I really don't like owing money to family.

With that said though, I would recommend checking to see how long it will take for you to get the title (if you need it in hand) after you've paid off the loan. When DH paid off his jeep, it took almost 3 weeks for us to receive the title in the mail.

katiewhompus · August 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_wwyd-selling-vehicle?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:96db6740-d732-4e89-b138-2aba0aa99438Post:4656cd3b-e900-4a74-bb22-15b91facb7c3">Re: Wwyd - selling vehicle</a>:
[QUOTE]I agree, in that I don't like owing money and I really don't like owing money to family. With that said though, I would recommend checking to see how long it will take for you to get the title (if you need it in hand) after you've paid off the loan. When DH paid off his jeep, it took almost 3 weeks for us to receive the title in the mail.
Posted by NcsuPsych[/QUOTE]
Yeah, that's what I'm worried about.

Well, I think H is planning a big surprise for me Sunday (being super vague, but told my parents to make sure they are free, so hopefully his family is included and we can talk with his sister and see which she would prefer. He was informed by the dealer that he has already lost a good $2k on list price because it's already August, so waiting 3 weeks would be horrible.

Blueyed228 · August 2012

I dont mix money and family. It never ends well.

QueerFemme · August 2012

I agree with some of the PP. If I was a buyer, I'd walk away if you didn't have title in hand. Not because I thought you were shady, but usually, there are tons of bikes on craiglist (at least here) and I could probably easily buy another for a similar price and not have to wait a few weeks.

Last time I paid off a car, it took about 3-4 weeks to finally get the title. I don't see a buyer waiting around that long.

katiewhompus · August 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_wwyd-selling-vehicle?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:96db6740-d732-4e89-b138-2aba0aa99438Post:8cb75e0b-7c4f-4ef0-8247-d40a2bdc35f6">Re: Wwyd - selling vehicle</a>:
[QUOTE]In Response to Re: Wwyd - selling vehicle : Can you wait until next spring to sell it? Either way, you're still paying the bike off, right? (Either paying the bank or H's sister).
Posted by ILoveMilkDuds[/QUOTE]

That's our other option, but we would lose the money on insurance and yearly taxes which would be a bummer. We can sell it to the dealer for less than a private sale, but still a profit.

Blueyed228 · August 2012

Why cant you take it off the road for the year to avoid having to pay insurance for it? Thats what lots of my motorcycle riding friends do. They take it off the road for the winter and put it back on in the spring.

dmiller9274 · August 2012

I'm late, and you might be gone, but if not yay.

When we sold Michaels other truck on CL, we still owed about half on it. So the guy who wanted it agreed to meet a couple days later at the credit union, we called ahead and let them know that we'd be paying it off and asked if they could give us the title right then. We met the dude at the CU, got the money, walked in and paid it off, they gave us the title and we signed it over and they notarized it. It's a smallish credit union, so it might have been a little easier because of that, but maybe you can call your bank if they are local and see if you could work out something like that.

pirategal03 · August 2012

In Response to Re:Wwyd selling vehicle:[QUOTE]Why cant you take it off the road for the year to avoid having to pay insurance for it?nbsp; Thats what lots of my motorcycle riding friends do.nbsp; They take it off the road for the winter and put it back on in the spring. Posted by Blueyed228[/QUOTE]

Having the bike insured is probably a condition of the loan.

Blueyed228 · August 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_wwyd-selling-vehicle?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:96db6740-d732-4e89-b138-2aba0aa99438Post:e4552a24-dece-4900-9e9f-aae717c51d83">Re:Wwyd selling vehicle</a>:
[QUOTE]In Response to Re:Wwyd selling vehicle: Having the bike insured is probably a condition of the loan.
Posted by pirategal03[/QUOTE]

It might be different here, but you can not have your bike/car registered without insurance. So if you take it off the road by cancelling the insurance, you can not drive it legally on the road because you have to show proof of insurance to get it registered.

Basically if you take it off the road, you have to turn your plates in so you cant drive it anyway. Im assuming that isnt done everywhere?

mkrupar · August 2012

Blue I think it's the same in most places. If you take it off the road you cancel the registration and turn in the plates, allowing you to cancel thw insurance. You still may have to pay the property tax on it though KW.

pirategal03 · August 2012

In Response to Re:Wwyd selling vehicle:[QUOTE]In Response to Re:Wwyd selling vehicle:In Response to Re:Wwyd selling vehicle: Having the bike insured is probably a condition of the loan.Posted by pirategal03It might be different here, but you can not have your bike/car registered without insurance.nbsp; So if you take it off the road by cancelling the insurance, you can not drive it legally on the road because you have to show proof of insurance to get it registered.nbsp; Basically if you take it off the road, you have to turn your plates in so you cant drive it anyway.nbsp; Im assuming that isnt done everywhere? Posted by Blueyed228[/QUOTE]

And that's fine if you own it outright, but when you're paying it off, you'reoften required by the details of the loan to keep insurance.

I don't know the details of KW's financing agreement, I was just mentioning that as an addendum to what you said about taking it off the road.

If the formatting of that quote is funky blame it on mobile.

Blueyed228 · August 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_wwyd-selling-vehicle?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:96db6740-d732-4e89-b138-2aba0aa99438Post:e6e4f0d7-cbf5-4c6d-b743-8b623649a2c1">Re:Wwyd selling vehicle</a>:
[QUOTE]In Response to Re:Wwyd selling vehicle: And that's fine if you own it outright, but when you're paying it off, you'reoften required by the details of the loan to keep insurance. I don't know the details of KW's financing agreement, I was just mentioning that as an addendum to what you said about taking it off the road. If the formatting of that quote is funky blame it on mobile.
Posted by pirategal03[/QUOTE]

That makes sense. I know a few people who take their bikes off the road to avoid paying insurance for the 9 months they cant ride, but I have no idea if they own the bikes outright or not.

StefffiC · August 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_wwyd-selling-vehicle?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:96db6740-d732-4e89-b138-2aba0aa99438Post:ba45e911-ecc5-499b-b0a0-ee4e069e27fe">Re:Wwyd selling vehicle</a>:
[QUOTE]In Response to Re:Wwyd selling vehicle : That makes sense. I know a few people who take their bikes off the road to avoid paying insurance for the 9 months they cant ride, but I have no idea if they own the bikes outright or not.
Posted by Blueyed228[/QUOTE]

Many companies offer a 'storage' option for coverage where the liability is cancelled, but the comp remains. Some banks will accept storage coverage, some will not, the OP would need to ask her bank about the stipulations with covering the bike. It's an option in most states, except North Carolina (we suck!) and some states like Florida require you to keep your PIP when you have a vehicle in storage.

Some states (Arizona IIRC, but there could be others) have a 'storage' registration option so you don't have to turn your tag in, but can put the vehicle in 'storage' with the DMV.

Even people that own outright sometimes choose to keep the storage coverage if the bike is in a location where it might get stolen.

katiewhompus · August 2012

It's a need to sell situation (well, as in we could use the money and H rides it maybe 4 times a year) so the sooner the better. It just sucks to have such a huge profit difference for private and dealer (4k vs 1k).

The closest bank location to our town is about 70 miles away, otherwise meeting there would be a great idea. We may try driving there ourselves if it will let us get the title faster.

Blue - I'll have to look into if we can take it off the road like that. It's better than nothing!

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